Shaan Rais

The Survival Of Your Business May Depend On This One Thing

Photo Credit: The Atlanta Journal-Constitution

How can the tale of Blockbuster, the former king of the video rental industry, help you become an agile leader?

Let me tell you a cautionary tale demonstrating the criticality of a leader’s agile thinking. Most of us remember Blockbuster video, the go-to destination for movies and game rentals. At its peak, Blockbuster owned and sold franchises. They were the #starbucks of video rental.

Today, it doesn’t exist. What went wrong? The company failed to adapt to the changing times and technologies. They were late in adopting online streaming.

If you watched the Blockbuster documentary, you know that Netflix pitched Blockbuster on a streaming model, which they turned down.

Be open to change:

Blockbuster was once the “innovative kid” on the block. When the company launched, it brought new technology and business systems to the video rental market that smaller operations could not compete with. As I often say to my Leadership Leverage Clients, “different is better than new”. Blockbuster entered the market and dominated the industry. However, their refusal to adopt Netflix’s streaming model is a prime example of how not being open to change can lead to disaster. Implementing new technologies and trends is essential for agile leaders, as they must constantly evolve to stay ahead of the competition.

Stay ahead of the curve:

To be an agile leader, you must always be on the lookout for new trends and technologies. You can’t afford to be late to the game, especially as technology is currently moving at lightspeed. What’s popular today could be obsolete tomorrow. Staying ahead of the curve is essential if you want to maintain a competitive edge. But how do we stay current while running our day-to-day operations? Here are a few tips:

Keep an eye on your competitors.

Join professional organizations and attend industry events:

Attend events outside of your industry to learn about new technology and trends.

Many people resist change because it can be uncomfortable. As a leader, ask yourself, how comfortable are you with change? Competitors can become collaborators, networking with peers will keep you abreast of what’s happening in the industry, and looking to other industries can position you as the “disruptor” by bringing new practices to your industry.

Be adaptable:

The key to being an agile leader is being adaptable. You need to be able to quickly adjust your plans and strategies to meet the ever-changing needs of your business. This doesn’t mean that you should constantly be changing direction; instead, it means that you should be open to new ideas and willing to experiment. Try new things, and don’t be afraid to pivot when something isn’t working.

The moral of the story is that leaders must be agile thinkers. Now, this doesn’t mean we won’t make mistakes. I’m not here to fault Blockbuster’s leadership but to examine how we can learn from their mistakes. Did you enjoy this article? Let’s continue the conversation in person. Join my team and me on August 19 – 21 in Myrtle Beach for The Business To Brand Bootcamp. Click here for more information.

The Path From Business To Brand

Phenomenal Afternoon Leaders! If you joined us last week for The B.R.A.N.D. Challenge, I’d like to say it was my absolute pleasure to serve you. Day One of the Challenge started with brand basics and authentically marketing yourself.

I want to share the highlights from that session in today’s article.

Why Authenticity Marketing

As an Executive Brand Coach, I have my clients lean into authenticity marketing because it is the most effective way to build trust without spending a boatload of money on advertising to create awareness. When you decide to spend money on advertisements, it will be because you are ready to grow and scale your operation.

During The B.R.A.N.D Challenge, we discussed strategies for building trust to attract clients and potential team members. Once creditability is established, the wins are two-fold. You have the freedom to pivot (within reason) between any market/industry, and your core team will have your back which is why I stress to my client’s the need to create a Personal Brand, not a Business Brand.

Let me show you how this idea plays out in the marketplace.

Elon Musk is the founder, C.E.O., and C.T.O. of SpaceX, and co-founder of Tesla Motors. In 2022, he was ranked 25 on the Forbes list of The World’s Most Powerful People.

In this coveted list, world leaders are ranked by their influence, power, and economic power. Some of the names on the list are highly recognizable, some not so much. Still, one thing is for sure, each of these individuals’ ability to influence culture is a massive part of their power. During the Challenge, I used Elon Musk as an example of a powerful Personal Brand turned Business.

Consumers expect Elon Musk to bring futuristic products to the marketplace. Because of that, he could launch Tesla, an electric car company, without relying on advertisements to build trust. Musk famously tweeted, “Tesla does not advertise or pay for endorsements. Instead, we use that money to make the product great,” In recent interviews, Musk alluded to expanding Tesla through advertisements. I’m pointing out that promotions and paid marketing didn’t drive Tesla’s brand recognition; Musk’s Personal Brand did.

I use Elon Musk as an example, not because of his monetary success but because he is a well-known example of the Power of Personal Branding. When you position yourself like this, what you bring to the marketplace acts as an extension of you.

What did Elon Musk and other innovative business leaders understand about The Power Of Personal Branding and Authencity Marketing?

The Importance Of Positioning Yourself As Specialist

When you become known as the expert in your field, become the one to watch. I describe this as putting the World On Notice. You attract clients and opportunities by showing up consistently with value.

Specialist Inspire Loyalty

Clients buy products and services to satisfy a need; they become loyal to a brand when its mission, values, and principles align with theirs. When an individual chooses a Tesla over other luxury vehicles, the consumer states what they value. Once a brand has the hearts and minds of its consumers, it becomes difficult for competitors to penetrate the market. During the Challenge, I explained that we could create the same feelings in our clients and customers by leveraging our education, experience, and expertise into a Personal Brand. By doing so, we solidify our brand dominance because no one has the experience and knowledge we bring to our industries. We call this Segmentation and Isolation.

Segmentation and Isolation

When you use authenticity marketing to pivot from Business to Brand, you are placing a claim on your segment of the marketplace.

Let’s look at this authenticity marketing from a business brand – Nike is a company that has phenomenal brand loyalty. Customers are loyal to Nike because they trust the brand and believe in its values. Nike has segmented its market and identified its target consumers very effectively.

Nike’s primary target market is athletes; Each major Nike campaign is fueled by “The Face” of the campaign. In the late 90s, Micheal Jordan humanized the brand’s mission. Recently, we’ve seen athletes like Lebron James carry the torch. Nike then creates specific marketing campaigns to appeal to sub-markets such as runners and fitness influencers.

Again, notice how Nike uses the Power of Personal Branding by leveraging the Name, Image, and Likeness of individuals with influential Personal Brands. Nike customers stay loyal to the brand because they feel connected to the values that can only be expressed through another human being.

The Power of Personal Branding and Authenticity Marketing can be seen in the success of businesses like Tesla and Nike, but what’s most important is how you apply these three principles to your Business? Interested in knowing more about how to go from Business to brand? Join me, August 19th -August 21st LIVE in Myrtle Beach, SC., for the Business To Brand Bootcamp.